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Alphabet issues another $25 billion in bonds towards its $200 billion 2026 capex
This deal helps Alphabet secure more capital for its positioning in the AI capacity buildout race. The deal saw $115 billion in orders.
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AT&T raises €4.7 billion in euros and sterling – tapping European low spreads and high credit capacity
AT&T’s €4.1 billion + £550 million deal is an example of the arbitrage currently available to many US issuers – to issue in euros/sterling and swap…
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AI bond demand signal – $12.5 billion deal from Meta and BlackRock sees lower demand
Meta and BlackRock priced a $12.5 billion bond deal – to build a large data center in Texas. Lower demand than for previous deals is a…
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Hundreds of billions of dollars of AI-infrastructure debt might need re-analysis after surprise release of open-weights (free-to-use) model Kimi K3
This top-tier model being made freely available to use changes the “stories” we use about how the future will unfold for AI providers
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Investment banks raise over $30 billion last week – as deregulation gives us bigger banks
Banks lock in over $30 billion in bond sales this week – as deregulation drives growing balance sheets.
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UK announces 2027 first G7 digital sovereign bond – a benchmark towards global DLT bonds at scale
Issuance of a DLT bond by a G7 sovereign could be a major milestone towards relatively rapid digitisation of bond markets.
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The Iran war is a wildcard – issuers and investors might want to de-risk
It is difficult to predict the outcome of this complex situation. For credit issuers and investors, this outcome is outside their control and their credit underwriting…
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Aston Martin bondholders including BlackRock, Sculptor and Arini form creditor group to protect against LMEs
The bondholders are reported to have entered a cooperation agreement that binds investors to act together during restructuring negotiations.
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Amazon locks in another $25 billion in the AI cash race – bringing its total bond issuance to over $100 billion since the start of last year
Amazon issued bonds totalling $25 billion yesterday. The deal showed weaker investor demand than its previous issue – with investors possibly starting to get saturated with…
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AI credit keeps printing – risks are demand saturation, concentration, and unknown unknowns of a new paradigm
There are questions about concentration and correlation risk. AI-related companies are clearly using the money for something that adds value to the economy – but the…
Markets
Bonds
Investment grade and high yield across the Americas, EMEA and APAC. We cover the trades that set benchmarks, what books reveal about real demand, and the structural shifts changing how issuers reach public markets debt investors. We focus on what each deal tells you about the broader market.